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Reconnaissance rock samples >1g/t gold from the new porphyry prospect within the Red Gate Shear Zone

Red Gate Project

The Red Gate Project is centred 10 km north of the Porphyry Gold Mine (0.9 Moz gold endowment), 140 km northeast of Kalgoorlie. Here historical exploration work has mostly targeted the Porphyry North Prospect where shallow, out cropping mineralisation has been defined. There is the potential to discover further mineralisation at Porphyry North and several other prospects nearby. Highlights of the Red Gate Project include:

The Porphyry North and Porphyry West prospects have shallow gold mineralisation coincidental with IP anomalies whilst the new porphyry zone at Porphyry South has a substantially larger IP anomaly that has yet to have been drill tested;

Red Gate Shear Zone already hosts mineralised porphyries at Porphyry North and Porphyry West and contains the recently identified Porphyry South Prospect which is a large untested IP anomaly;

The Reidy Prospect is interpreted to be within or immediately adjacent to the Claypan Shear Zone, host to recent significant gold discoveries such as Breaker Resources, Lake Roe Project;

The new prospect is within the Red Gate Shear Zone and was identified through a recent reconnaissance surface sampling program that returned rock chips results of up to 79 g/t gold;

The Red Gate Shear Zone is less than 10 km north of the historic Porphyry Gold Mine that has a gold endowment of 900,000 ozs (Produced 1.33 Mt @ 3.4 g/t gold and has a current indicated JORC resources of 7.2 Mt @ 2.1 g/t gold and inferred JORC resources of 3.7 Mt @ 2.1 g/t gold).

During the December quarter, Blackstone continued to work on finalising priority targets for drill testing.